EMPIRE EXHIBITION.

New Zealand Herald, Volume LXII, Issue 18996, 18 April 1925, Page 11

EMPIRE EXHIBITION.

BRITISH GOVERNMENT'S AID. THE INCREASED GUARANTEE. A MILLION STERLING. [from our own correspondent.] LONDON, Mar. 10. Some interesting facts were revealed in the House of Commons last evening when tho increased guarantee of £1,000,000 for the British 'Empire Kx'aibition was discussed in committee. Sucli criticism as took place was for the most part in the nature of a warning rather than direct opposition to the continuance of the exhibition. Sir. H. G. Williams, Conservative M.P., was the only one who expressed the opinion that the usefulness of the exhibition had ceased. He was sorry the Government had committed itself to supporting the exhibition for another year. They had made a failure at Wembley from the point of view of home trade, and they were taking a great risk in going on with the exhibition. The novelty had gone, and their only hope was in attracting the London public, whom they had failed to attract last year. Mr. Runciman, Liberal M.P., said it was quite clear that if an extra guarantee was to be given this year they must know that the exhibition was for serious business, and not merely to provide a most excellent pbee of amusement for people living in and around London, and lor excursionists who came up for the ostensible purpose of "going to Wembley." Mr. Lunn, previously the Labour head of the Overseas Settlement Committee, said that one of the greatest justifications for the continuance of the exhibition was the amount of employment which it would provide. Interesting Figures. Mr. A. M. Samuel, Parliamentary Secretary to the Overseas Trade Department, said that the original estimate of expenditure on construction was £1.600,000, but the actual capital expenditure was £2,950,000, of which £90,000 was for land. Another reason for the increased expenditure was that things had to be done in a great hurry and it was impossible to estimate accurately in the circumstances. Another great expense was the weather. It rained on 90 out of the 156 days on which the exhibition was open, witli the result that repairs and reconditioning ran into a very large figure. The public, said Mr. Samuel, did not realise one important point in connection with the exhibition when considering the question of financial loss. In round figures, equipment cost £3,000,000, and , maintenance £1,000,000, while revenue ! receipts amounted to over £2,000,000. If . he were to run a factory with such re- : suits he would be a millionaire very i quickly. 1 . A Public-Spirited Bank. ' Mr. Samuel said that Lloyds Bank had behaved extremely well in advancing the ' overdrafts. Not only did they surrender I tho money on covered overdrafts, but they went to the extent of advancing , £BOO,OOO or £900,000 as an uncovered i loail. In addition, a large number of I people, purely out of public spirit, guar- , anteed large sums for tho exhibition. Oue body of men, the underwriters of Lloyd's, . guaranteed £IOO,OOO. The private guarJ antors came in and lost their money, and ! they would not come in again this year . unless the Government gave an ad- . ditional guarantee. Before giving the r i present guarantee the Government made ; I It a condition that the private guaran- [ i tors should continue their guarantee, and 1 they had agreed to do so to the amount | I of 90 per cent. The Treasury had appointed Sir James Cooper to watch very carefully on behalf I of the Government, every penuy that was spent, and to tighten up the whole financial organisation. He was a man well known to them all, who had played I an important part in many organisations. Sir James Cooper is best-known as the man who logked after the finances of the Government Wool Department, and afterwards those of B.A.W.R.A. Mr. Samuel added that last year r 22,000 people found comfortable employs ment at the exhibition, and £1,500,000 s was paid in wages. Fifteen million - people visited the exhibition, exclusive of 3 employees, and the cost to the Governl ment was only a few penco' a head under i the guarantee. Let the House imagine 3 the, immense effect of the exhibition on the many foreigners who had visited it.